758 W 20th St Costa Mesa, CA 92627
Westside Costa Mesa Neighborhood
8
Beds
4
Baths
3,384
Sq Ft
9,211
Sq Ft Lot
About This Home
As of November 2024Unlock the potential of this four-unit property in a prime Westside location of Costa Mesa! This property offers tremendous upside potential for investors looking to capitalize on below-market rents and increasing equity. Each of the four 2-bedroom, 1-bathroom units comes with its own garage, offering a desirable and convenient layout for tenants. All units are currently tenant-occupied on a month-to-month basis, presenting an incredible opportunity for the new owner to make upgrades and increase rents to market levels. With rents currently well below market value, this property is ideal for an investor looking to renovate and reposition. Inquire with the City to see if an ADU can be constructed either on top of the garage or built on the existing large 9,211 sqft lot. Market rents in the area for similar units are estimated at $2,700 per unit, giving the new owner the chance to bring the monthly gross income to over $11,000, and offers the investor a fantastic opportunity with generating a 5%+ cap rate; thereby making it an excellent addition to any real estate portfolio. Whether you’re an experienced investor or looking for your first multi-unit property, this gem of a building promises long-term growth and significant returns. Situated in a highly desirable area, close to shopping, dining, freeway and just minutes from the beach, this is a can't-miss opportunity for those seeking both cash flow and future appreciation. Whether you plan to improve and hold...or renovate and resell, the upside is undeniable. This is your chance to create significant equity while tapping into the strong rental demand in this vibrant community. This is your chance to secure a property with significant equity upside and tap into Costa Mesa’s growing rental market. Don’t miss out—opportunities like this are few and far between!
Last Agent to Sell the Property
Engel & Völkers Newport Beach Brokerage Phone: 714.404.0606 License #01265136 Listed on: 10/07/2024
Last Buyer's Agent
Engel & Völkers Newport Beach Brokerage Phone: 714.404.0606 License #01265136 Listed on: 10/07/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1972
Lot Details
- 9,211 Sq Ft Lot
- 1 Common Wall
- Density is up to 1 Unit/Acre
Parking
- 4 Car Garage
Home Design
- Quadruplex
Interior Spaces
- 3,384 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 8 Bedrooms
- 4 Bathrooms
Additional Features
- Exterior Lighting
- Forced Air Heating System
Listing and Financial Details
- Tenant pays for electricity, gas
- Legal Lot and Block 39 / B
- Tax Tract Number 612
- Assessor Parcel Number 42228119
- $1,727 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 4 Units
Building Details
- 5 Separate Electric Meters
- 4 Separate Gas Meters
- 1 Separate Water Meter
- Gardener Expense $1,800
- Insurance Expense $2,400
- Maintenance Expense $3,087
- Other Expense $1,727
- Trash Expense $3,672
- Water Sewer Expense $3,200
- Operating Expense $34,786
- Gross Income $102,912
- Net Operating Income $68,126
Similar Home in Costa Mesa, CA
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/18/2024 11/18/24 | Sold | $1,775,000 | -1.4% | $525 / Sq Ft |
| 10/21/2024 10/21/24 | Pending | -- | -- | -- |
| 10/07/2024 10/07/24 | For Sale | $1,800,000 | -- | $532 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Ramzi Ataya
Seller's Agent in 2024
Ramzi Ataya
Engel & Völkers Newport Beach
(949) 484-6468
1 in this area
30 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC24207896
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